The issue opened for bidding on Tuesday (25 June 2024) and it will close on Thursday (27 June 2024). The price band of the IPO is fixed at Rs 36 to 40 per equity share. The minimum order quantity is 3,000 equity shares. The equity shares will list on NSE’s SME platform.

The IPO comprises fresh issue of 45,22,222 equity shares. About 2,88,000 equity shares will be reserved for subscription by market maker to the issue.

The company intends to utilize the net proceeds to meet the working capital requirements of the company and for general corporate purpose.

Ahead of the IPO, Divine Power Energy on Monday, 24 June 2024, raised Rs 6.48 crore from anchor investors. The board allotted 16.20 lakh shares at Rs 40 per share to 5 anchor investor.

Divine Power Energy is a manufacturer of bare copper, aluminum wire, bare copper, winding copper, winding copper and aluminum strip. The winding wires & strips which company sell are made by insulating the bare conductor with various insulating materials such as insulating paper, crepe paper, cotton, fiberglass etc. The company has supplied wires and strips covered with fiberglass to markets like Punjab, Bangalore, Ahmadabad.

The company mainly sells winding wires to the power distribution companies and transformer manufacturers. The company's clients include TATA Power, Pashchimanchal Vidyut Vitran Nigam, BSES, Madhyanchal Vidyut Vitaran Nigam, Dakshinanchal Vidyut Vitran Nigam, Purvanchal Vidyut Vitaran Nigam and Uttarakhand Power Corporation, etc. As on 31 March 2024, company has a total of 40 permanent employees. It has also employed 5 -10 contract workers from time to time depending on the business need.

The company recorded revenue from operations of Rs 222.08 crore and net profit of Rs 6.40 crore for the period as on 31 March 2024.